What is the NACHO trade?

Oil holds above $110 a barrel as fighting in the Gulf intensifies, with Iranian forces striking a UAE oil installation and small boats exchanging fire with U.S. forces near the Strait of Hormuz. Meanwhile, a sharp upgrade to U.S. earnings forecasts and soaring AI spending projections keep equity investors from heading for the exits.

Today’s recommended read: Forget 3% US inflation. It's heading for 4%, Jamie McGeever

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